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SUI price surges as TVL hits $1.3 billion

  • Sui has seen a more than 44% spike in price in the past week and 65% in 30 days.
  • Gains come after the Grayscale Sui Trust opened for accredited investors.
  • The SUI network’s total value locked has surpassed $1.34 billion.

SUI price has surged by more than 44% in the past week to trade above $1.67. The gains include a more than 65% spike in the past 30 days. This sees the native token of the layer 1 blockchain platform reach highs last seen in early April.

What catalyzed SUI price surge?

Sui has experienced a notable surge in volume after Grayscale announced its Sui Trust was now open to accredited investors.

Daily volume for SUI skyrocketed after the news, and price followed, hitting levels above $1.

SUI price on CoinMarketCap

Sui’s price rally to above $1.67 has also coincided with a sharp increase in total value locked in various decentralized finance protocols in the Sui ecosystem. OKX Ventures pointed to the Grayscale Sui Trust’s boost to SUI market credibility as institutional interest emerged.

Sui TVL hits $1.3 billion

The bullish sentiment around this outlook is showing in the on-chain activity that has the TVL hitting $1.34 billion.

According to DeFiLlama, Sui’s TVL rose from about $250 million at the start of 2024 to cross $1 billion in May. However, it dropped to $462 million on Aug. 5 amid the cryptocurrency market crash that pushed Bitcoin price below $50k.

Notable though is the spike back to $1 billion and acceleration to $1.34 billion in less than a month. It means a more than 377% spike year-to-date and 47% month-to-date.

Sui’s growing DeFi ecosystem that’s behind this surge include increased adoption for protocols across lending, decentralized exchanges, real-world assets, derivatives and yield.

Navi Protocol has seen its TVL increase 34% month-to-date to over $449 million.

Lending protocols Scallop and Suilend have respective TVL readings of $246 million and $203 million. It represents a 34% and 100% MTD spike respectively.

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Crypto Market Updates: Solana’s Breakout, Dogecoin’s Comeback, & the Token That Could Soar to $10

The cryptocurrency market is buzzing with excitement, and much of the focus is on three notable tokens: Solana (SOL), Dogecoin (DOGE), and the fast-emerging Rexus Finance (RXS). Whether you’re a seasoned investor or just starting out, these cryptocurrencies are worth watching as each shows potential to shape the next market cycle in its own way.

Solana’s Potential Breakout: Building Bullish Momentum

Solana (SOL) has been making waves with recent price movements that suggest a bullish trend is building. Currently trading at $151.06, Solana saw a retracement to $128, but the price has since bounced back, gaining 19.61% in the last 24 hours. This recovery is in line with market optimism and may signal an impending breakout. Analysts believe that as Solana respects its current support levels, it has the potential to break beyond the $151 mark and continue upward.

The combination of Solana’s low transaction costs, high speed, and growing developer ecosystem positions it as a strong contender for further growth in the crypto space.

Dogecoin’s Resurgence: A Meme Coin with Staying Power?

Dogecoin (DOGE), one of the most popular meme coins, appears to be making a comeback after a series of ups and downs. After hitting a resistance level of $0.10 in early 2024, DOGE reached a swing high of $0.22 before retracing back to $0.10. Now retesting this previous resistance as support, Dogecoin is showing signs of stability. If this support holds, DOGE may have the potential to recover from its recent 53.41% drop and initiate a more sustained rally.

While Dogecoin is often driven by social media hype, it continues to have a loyal following, and its ability to bounce back makes it a meme coin with staying power in the market.

Rexus Finance (RXS): The Rising Star with Real-World Utility

Rexus Finance (RXS) is quickly becoming the talk of the crypto community, and for good reason. Currently in Stage 2 of its presale, each RXS token is priced at just $0.05, but analysts believe that this token could see significant price growth, with projections as high as $10 in the future. This would represent a staggering 24,900% increase for early investors.

What sets Rexus Finance apart from other cryptocurrencies is its focus on real-world asset (RWA) tokenization. Through RXS, investors can purchase fractional ownership of assets such as real estate, making traditionally illiquid assets more accessible and tradable. Whether investing in a whole property or just a portion, Rexus Finance opens up opportunities for all types of investors to participate in a global market.

With over $1.39 million already raised in its presale, early investors are seeing returns of up to 40%, and the excitement continues to grow.

How to Participate in the Rexus Finance $1 Million Giveaway

To add to the excitement, Rexus Finance has launched a $1 million giveaway aimed at rewarding its early supporters. To participate, you simply need to:

  1. Buy RXS tokens during the presale.
  2. Engage on social media: Participate in Rexus Finance’s social platforms, such as Twitter, Telegram, and Discord, to increase your chances.
  3. Hold your tokens: Those who hold onto their RXS tokens during the presale period will be eligible for the giveaway.

With 20 lucky winners each receiving $50,000 USDT, this giveaway adds even more incentive to get involved with Rexus Finance early.

Conclusion: Three Cryptos, Many Opportunities

As Solana builds momentum for a potential breakout, Dogecoin attempts a resurgence, and Rexus Finance gains viral traction, the cryptocurrency landscape is full of opportunity. Each of these tokens has its own unique strengths: Solana’s scalability and speed, Dogecoin’s community-driven power, and Rexus Finance’s innovative real-world asset tokenization.

For those looking to maximize potential gains in the crypto market, Rexus Finance’s low entry price and focus on real-world utility make it a standout option. But whether you are a fan of Solana, a Dogecoin supporter, or intrigued by Rexus Finance, now may be the time to take note of these rising stars as the crypto world continues to evolve rapidly.

The post Crypto Market Updates: Solana’s Breakout, Dogecoin’s Comeback, & the Token That Could Soar to $10 appeared first on CoinJournal.

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SEC charges TrustToken and TrueCoin for defrauding investors

  • SEC filed charges against TrueCoin and TrustToken over fraud and offering of unregistered investment contracts.
  • TrueCoin issued the TrueUSD (TUSD) stablecoin, while TrustToken operated the TrueFi lending protocol.
  • The regulator alleges stablecoin TUSD had 99% of its reserves invested in an offshore fund as of September 2024.

The Securities and Exchange Commission (SEC) has charged crypto companies TrueCoin and TrustToken for defrauding their investors in a stablecoin related investment program.

In a press release on Tuesday, September 24, 2024, the SEC said it charged the two companies for fraud and the offering of unregistered investment contracts on the stablecoin TrueUSD (TUSD). Many exchanges had integrated TUSD.

99% of TUSD reserves invested in speculative fund

Per the SEC, the TUSD issuer TrueCoin and lending protocol TrueFi operator TrustToken engaged in the offer of unregistered investment contracts on TUSD between Nov. 2020 and April 2023. The crypto companies offered what the regulator says were sales of TUSD packaged as “profit-making opportunities.”

These offers were falsely marketed as safe, with the TUSD issuer claiming that the stablecoin was 100% backed by US dollars.

However, as the charges filed at the US District Court for the Northern District of California allege, most of the assets backing the token were put into a speculative offshore investment fund. Instead, TrueCoin and TrustToken used these investments to earn returns for themselves.

“TrueCoin and TrustToken sought profits for themselves by exposing investors to substantial, undisclosed risks through misrepresentations about the safety of the investment,” Jorge G. Tenreiro, acting chief of the SEC’s crypto assets & cyber unit, said.

SEC claims that by September 2024, the defendants had 99% of the alleged TUSD reserves in the speculative fund.

Both TrueCoin and TrustToken have reportedly agreed settlement with the SEC. This includes civil penalties amounting to $163,766 each. TUSD issuer TrueCoin will also pay $340,930 in disgorgement and $31,538 as prejudgment interest.

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US spot Ethereum ETFs see largest daily outflows Since July

  • Overall, US spot Ethereum ETFs saw $79.21 million in outflows on Monday, the largest since July.
  • Grayscale’s ETHE recorded a significant $80.55 million outflow on the same day.
  • Spot Bitcoin ETFs had modest inflows of $4.56 million, led by Fidelity’s FBTC.

On Monday, US spot Ethereum ETFs experienced their largest daily outflows since late July, totalling $79.21 million. This significant drop was primarily driven by the Grayscale Ethereum Trust (ETHE), which recorded an outflow of $80.55 million, marking its most substantial outflow since July 31.

According to data from Sosovalue, ETHE was the only spot Ethereum ETF to report outflows on that day, highlighting a challenging period for the asset class.

In contrast, Bitwise’s ETHW managed to post a modest inflow of $1.34 million, while the remaining seven spot Ethereum ETFs registered no significant movement.

The total trading volume for the nine Ethereum ETFs reached $167.35 million, reflecting an increase from $139.47 million the previous Friday. This uptick in trading volume indicates that despite the outflows, investor activity in the Ethereum ETF space remains notable.

Meanwhile, spot Bitcoin ETFs fared better, experiencing modest inflows of $4.56 million on the same day. This marks the continuation of a three-day streak of inflows, led by Fidelity’s FBTC, which attracted $24.93 million. BlackRock’s IBIT, the largest Bitcoin ETF by net assets, also saw positive movement, with inflows of $11.54 million.

However, Grayscale’s Bitcoin Trust (GBTC) recorded a $40.33 million outflow, making it the only spot Bitcoin ETF to face losses on Monday.

As the cryptocurrency market fluctuates, with Bitcoin dropping 1.1% to approximately $63,122 and Ether falling 1.32% to around $2,627, these recent developments underline the volatile nature of digital asset investments. Investors will be keenly watching how these trends evolve in the coming days.

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Ark Invest sells $2.8M of its own Spot Bitcoin ETF amid market shifts

  • Ark Invest sold 44,609 shares of its ARKB Spot Bitcoin ETF for $2.8 million as part of a rebalancing strategy.
  • The firm retains $139.7 million in ARKB, making it the second-largest holding in ARKW.
  • US spot Bitcoin ETFs saw $4.5 million in inflows, while Ethereum ETFs faced outflows.

Cathie Wood’s Ark Invest has made headlines by offloading 44,609 shares of its ARKB Spot Bitcoin ETF, valued at $2.8 million. The sale, which took place on Monday, is part of Ark’s ongoing rebalancing strategy to adjust its fund weightings.

However, the move is not the first of its kind, with the firm having sold $6.9 million worth of ARKB shares in early August and $7.8 million in July. In total, Ark Invest has divested $17.5 million from its Bitcoin ETF.

Ark Invest avoiding overexposure to any one asset

Despite these sales, Ark Invest continues to hold a significant $139.7 million in the ARKB ETF, positioning it as the second-largest holding in its Next Generation Internet ETF (ARKW). The ETF still maintains a notable 9.93% weighting within ARKW’s portfolio.

Tesla remains the largest asset in the ARKW fund, with a 10.15% weighting, worth approximately $142.9 million.

Ark’s recent sales align with its overarching strategy of preventing any single holding from exceeding 10% of an ETF’s portfolio. By capping weightings, the firm aims to ensure adequate diversification, avoiding overexposure to any one asset.

Ark has actively adjusted its asset allocation to maintain balance across its funds seeing that ARKB’s value has surged up 26.5% year-to-date.

As of Monday, ARKB traded at $63.25, reflecting a 0.8% gain for the day. This rise mirrors broader optimism in the Bitcoin market, with Bitcoin itself trading flat but holding steady at around $63,676.

US spot Bitcoin ETFs see strong inflows

While Ark continues to manage its Bitcoin exposure, US spot Bitcoin ETFs are experiencing strong inflows, with a net addition of $4.5 million on Monday alone, extending their positive streak to three consecutive days.

In contrast, US spot Ethereum ETFs have seen the largest outflows since July.

Ark Invest’s strategic rebalancing underscores its commitment to diversification while navigating the ever-evolving landscape of digital assets.

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